Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (29,928,000) $ (24,816,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 985,000 840,000
Stock-based compensation 5,806,000 5,262,000
Non-cash interest and investment income 0 (153,000)
Non-cash patent write-off 145,000 96,000
Non-cash loss on disposal of assets 4,000 (7,000)
Right-of-use asset amortization 586,000 0
Changes in assets and liabilities:    
Accounts receivable 87,000 (115,000)
Prepaids and other current assets (10,000) 239,000
Other assets 1,000 (50,000)
Deferred taxes 0 (1,000)
Accounts payable 249,000 107,000
Accrued expenses 210,000 (66,000)
Accrued salaries and payroll related expenses 191,000 334,000
Operating lease liabilities (492,000)  
Deferred revenue 1,460,000 128,000
Deferred rent 0 71,000
Net cash used in operating activities (20,706,000) (18,131,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of property and equipment 0 16,000
Purchases of property and equipment (806,000) (1,285,000)
Expenditures for patents and domain names (424,000) (219,000)
Redemptions of investments held-to-maturity 29,295,000 39,590,000
Purchases of investments held-to-maturity (12,432,000) (56,300,000)
Net cash provided by (used in) investing activities 15,633,000 (18,198,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from the sale of common stock from private placement offerings 9,919,000 0
Net proceeds from the sale of common stock from underwritten public offering 0 21,190,000
Acquisition of common stock under repurchase program 0 (152,000)
Proceeds from exercises of warrants 1,387,000 260,000
Proceeds from exercises of stock options 0 14,000
Net cash provided by financing activities 11,306,000 21,312,000
Effects of currency translation on cash, cash equivalents and restricted cash 0 (2,000)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 6,233,000 (15,019,000)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year 4,605,000 19,624,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of year 10,838,000 4,605,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for taxes 1,000 3,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES    
Common stock issued in settlement of accrued salaries and payroll related expenses 342,000 436,000
Property and equipment included in accounts payable 206,000 95,000
Property and equipment included in accrued liabilities 159,000 305,000
Patents included in accounts payable 83,000 39,000
Patents included in accounts payable 0 6,000
Total cash, cash equivalents and restricted cash $ 10,838,000 $ 4,605,000